Beadell, CuDeco to watch at open

Citi analysts now see gold miner Baedell Resources as a sell, while China Oceanwide is looking to build its stake in CuDeco.

Beadell Resources Limited

With a string of hold or buy recommendations across analysts following the stock, Citi has taken an alternative view on Beadell Resources (BDR), downgrading it to a sell from buy.

Citi has retained the 80 cent price target, which is over 25% below the $1.10 price target of some analysts.

The Australian and Brazilian gold miner has gained 76% since June lows.

Gold futures fell the most in two months over night, to close at $US1364 per ounce. The gold miners have moved closely with the price change of gold – if the trend continues Beadell and other gold miners could be in the red today.

CuDeco Limited

CuDeco (CDU) has received notification from China Oceanwide it will be filing an application to the Foreign Investment Review Board to increase its stake in the battling mineral exploration company.

China Oceanwide is looking to increase its holding to 19.9%, up from the current approved limit of 15%.

In the absence of a single seller to China Oceanwide, it will take some time to build up to the targeted holding in CuDeco.

IMPORTANT: This information is general financial product advice only and you should consider the relevant product disclosure statement (PDS) or seek professional advice before making any investment decision. Product disclosure statements for financial products offered through InvestSMART can be downloaded from this website or obtained by contacting 1300 880 160. You should consider the product disclosure statement before making a decision about a product. All indications of performance returns are historical and cannot be relied upon as an indicator for future performance.